theHousePlanner

Property:

Mortgages:

There are a number of providers
of mortgages for self builders or those renovating a wreck -we
have listed a few below. One issue is that there are usually
limits to how much can be lent -perhaps 75% of the value of the
property, so you are lilely to need additional funds or a top
up loan. You should also allow for a contingency of perhaps 10-15%
for overspend and unexpected costs.

To secure a self build mortgage,
you will almost certainly have to provide additional information
to support your case -typically this would include the Planning
Consent, detailed Architects plans and specifications, detailed
costings (including allowance for inflation and unforeseen expenses),
your programme for construction and details of proposed guarantee
or Architects' Certificate -see insurance
for more on this.

On the tax front there is better
news -it is possible to claim back the vat on a new or refurbishment
self build project (Inland Revenue publish a guidance
note on this), and it is also exempt from Capital gains Tax
when the building is sold.

Ethical
Mortgages:

Co-Operative Bank (Ecology Unit) -aims to support ecological projects
and develop partnerships with businesses and organisations whose
direct and indirect outputs contribute to a sustainable society.

Ecology
Building Society -a
mutual building society dedicated to improving the environment
by promoting sustainable housing and sustainable communities.

Norwich
and Peterborough has
been running a 'green mortgage' since 1998 and aims to be the
first building society that is carbon neutral

Self Build
Mortgages:

Scottish Building Society -offer a self buildmortgage in association
with a loan from Airdrie Savings Bank to assist the day to day
financial commitments between the loan stage payments.

Standard Life -their 'FreeStyle' Mortgage has a number of
features of interest to self builders and renovaters, including
phased release of funds and review of value on completion. They
also do a useful pdf guide to building
your own home.

Mortgages
in General:

Council
of Mortgage Lenders
-the trade association for mortgage lenders in the UK, with its
members undertaking around 98% of UK residential mortgage lending
-gives advice, statistics and consumer guides on mortgages.